| Private placement is highly praised by listed companies and capital for their low financing threshold,low cost,and flexible pricing.However,due to the particularity of the ownership structure of listed companies in China and the incompleteness of the financing supervision and approval system and related laws and regulations that match the private placement financing methods,the private placement often becomes the major shareholder of the listed company's tool for interest transfer in practice operations.This not only greatly damages the interests of small and medium shareholders,but also seriously affects the financing efficiency and economic order of China's capital market.Therefore,this paper mainly studies the issue of interest transfer in the private placement of large shareholders of listed companies and the economic consequences of private placement,and attempts to explore an effective mechanism to address the issue of private placement benefit transfer to promote the healthy development of private placement in China.On the basis of summarizing and arranging the existing literature and private placement theory,the paper analyzes and discusses the benefit transportation problem and its economic consequences in Chuying Agro-Pastoral's private equity placements progress in 2013.The results of the analysis indicate that during the private placement progress,the listed company adopts the three methods through selecting the timing of private placement,choosing the right to implement the dividend distribution policy,to increase controlling shareholder's equity so that consolidate the controlling position of the shareholders and dilute the rights and interests of small and medium shareholders and realized the transfer of shareholders' wealth;the overall effect of the short-term announcement of the company's private placement was not obvious as a whole,and even the announcement effect was negative,indicating that the market is not optimistic about this private placement;the supporting role of private placement in the company's performance is not obvious,and it does not significantly improve the company's financial status and asset structure.This is inconsistent with the original intention of the company to conduct this private placement.Finally,combined with the analysis of the problems in the case of private placement of case companies,the paper proposes a feasible governance and countermeasures to address the issue of private placement of listed companies.First,from four levels including shareholders' meetings,board of directors,board of supervisors and senior management,check and balance the powers of large shareholders are,strengthen the supervision mechanism of the power of large shareholders,and improve the corporate governance system of listed companies.Second,the supervision and management of the dividend distribution behaviors of listed companies during the period of fixed increase are strengthened,and public inquiry and third parties are actively introduced.The fair bidding mechanism will further improve the pricing mechanism for targeted private placements.Third,it will identify and supervise the behaviors of the target during the private placement of listed companies,and strengthen the supervision on target's transactions before and after the private placement.Fourth,from the legal perspective,Strengthen the protection of the interests of investors,establish and improve the protection mechanism for the rights and interests of small and medium shareholders,and promote the healthy development of the capital market.Fifth,for investors themselves,they should try to avoid blind herding behaviors,actively cultivate their own value-investing thinking,and upgrade their investment expertise and basic corporate financial analysis capabilities. |
